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Japan's Consumer Price Index has been released, slightly exceeding expectations, but its impact on the market appears to be minimal. There are several issues this week that are expected to significantly move the market, and these developments are likely to provide further direction for the USD/JPY exchange rate.
- US fourth-quarter GDP will be released on February 28th.
- BOJ Core CPI and US PCE Price Index will be released on February 29th.
- Eurozone CPI will be released on March 1st.
The USD/JPY chart is currently showing an upward trend, but it is struggling to continue rising past the resistance of the trend channel. However, in the long term, it is forming an ascending triangle pattern with 152 as a key level, increasing the likelihood of breaking through the resistance at the high point. Ultimately, there is a high probability of reaching the upper resistance of the trend channel, and the timing of breaking through this resistance will likely be determined by the results of the indicators released this week.
The expected movements are as follows:
1. Breaking through the 152 level due to indicator impact, with a medium-term rise to 156.
2. Facing resistance at the 152 level, experiencing a pullback to 148, followed by a medium to long-term rise to 156.
These two movements summarize the current expectations, and adjustments will be made if there are any variables.
Please share your personal opinions in the comments. Boosts and subscriptions are appreciated.
Japan's Consumer Price Index has been released, slightly exceeding expectations, but its impact on the market appears to be minimal. There are several issues this week that are expected to significantly move the market, and these developments are likely to provide further direction for the USD/JPY exchange rate.
- US fourth-quarter GDP will be released on February 28th.
- BOJ Core CPI and US PCE Price Index will be released on February 29th.
- Eurozone CPI will be released on March 1st.
The USD/JPY chart is currently showing an upward trend, but it is struggling to continue rising past the resistance of the trend channel. However, in the long term, it is forming an ascending triangle pattern with 152 as a key level, increasing the likelihood of breaking through the resistance at the high point. Ultimately, there is a high probability of reaching the upper resistance of the trend channel, and the timing of breaking through this resistance will likely be determined by the results of the indicators released this week.
The expected movements are as follows:
1. Breaking through the 152 level due to indicator impact, with a medium-term rise to 156.
2. Facing resistance at the 152 level, experiencing a pullback to 148, followed by a medium to long-term rise to 156.
These two movements summarize the current expectations, and adjustments will be made if there are any variables.